S&P 500 Index Analytics on 08/21/22:
Today we’re here to talk about the S&P 500 Index.
What’s on the market now:
Today the index is trading at 4228. As I said earlier, the market is developing a correction caused by profit taking. Here is a link to the idea. As I expect the current correction will take 5-6 trading days, And its local bottom will be at the level of 4170. I believe that there is no reason for concern and for a sharp collapse of the index. However, we can expect a decline to the 4170 – 4140 zone. The movement will stabilize and then the market will attempt to rise to the level of 4350 – 4475.
What I’m looking forward to today:
I expect the index to further decline to the level of 4170 – 4140.
Here are my trading recommendations for today 08/21/22
What I recommend:
- If you want to go short:
Short positions are prohibited. - If you want to buy:
Buying are possible only at the local day of the current correction. Buy from level 4170 – 4140. Limit your losses. - If you are not in the market:
If you want to buy, you’d better place your buys at 4170-4140, limit your losses. From the level above 4350 short positions are possible.
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